Gref opposed the idea of creating a “membrane” in the foreign exchange market – Kommersant
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The head of Sberbank, German Gref, called the proposal to create a “membrane” in the foreign exchange market to limit the movement of capital a step backward. He also warned that such measures could cause significant damage to the economy. The head of the Ministry of Economy, Maxim Reshetnikov, previously made a proposal to discuss such an idea.
“No, I don’t support it. I think this is a step backwards. This was already the case in the Soviet Union, and this means a lack of convertibility. Any lack of convertibility is a huge damage to the economy,” said Mr. Gref during the International Forum “Eco Altai. Thread of nature” (quote from TASS).
Maxim Reshetnikov made a proposal to limit the movement of capital on September 25. In his opinion, an analogue of the “Chinese model,” that is, “a membrane between the domestic and foreign ruble markets,” will solve the problem with the national currency exchange rate. At the same time, the minister spoke out against two rates of the national currency.
In China, there are two yuan exchange rates – offshore and onshore. The first implies that a purely market rate is set at auctions in Hong Kong and Asian countries. In the second case, the Chinese Central Bank determines the reference rate every day, from which the yuan can fluctuate within 2%.
Bank of Russia spoke against segmentation of the foreign exchange market and restrictions on capital movements. Deputy Chairman of the regulator Alexey Zabotkin noted that the current control measures were introduced solely as a response to sanctions.
Read more in the publication “Kommersant” “Exit into open osmosis”.
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